Toncoin is probably the biggest dark horse the cryptocurrency market has ever seen. The asset has shown tremendous growth since the beginning of the year and is still maintaining an unbreakable bullish trend despite Bitcoin’s drop below $58,000.
Toncoin is probably the biggest dark horse the cryptocurrency market has ever seen. The asset has shown tremendous growth since the beginning of the year and is still maintaining an unbreakable bullish trend despite Bitcoin’s drop below $58,000.
Toncoin has risen steadily since the beginning of 2024. The cryptocurrency has caught the attention of the market due to its notable performance. It runs on Telegram Open Network (TON).
Major cryptocurrencies such as Bitcoin and Ethereum are currently experiencing a general bear market, but Toncoin has shown a solid upward trajectory and has remained resilient. Toncoin has continuously traded above its major moving averages, according to the chart provided.
The 50-day, 100-day, and 200-day moving averages exhibit a clear upward trend. This suggests that Toncoin has many buyers and stable support levels. Furthermore, Ton’s Relative Strength Index is within a healthy range, indicating that it is not overbought and still has room to grow.
A notable feature of Toncoin’s performance is its ability to withstand declines in the market as a whole. Toncoin’s price has been rising, while Bitcoin and other cryptocurrencies have seen price drops. Many things contribute to this resilience, such as the active development of the TON ecosystem and, more importantly, the Telegram ecosystem that supports TON.
Shiba Inu is headed for trouble
Shiba Inu has no support levels below, and its price will most likely head towards the next logical threshold below $0.00001. Unfortunately, things are unlikely to change in the foreseeable future and we are likely to see SHIB below that critical level for the first time in months.
Major cryptocurrencies like Ethereum and Bitcoin have seen sharp declines and the overall cryptocurrency market has been extremely volatile. The Shiba Inu meme coin is no exception. Strong support levels are missing below the current price, suggesting a high probability of a further decline.
Gamza KhanzadaevSHIB is trading below its main moving averages, which include the 50-day (blue line), 100-day and 200-day moving averages, according to the chart provided. This points to a downward trend. The RSI is also in the oversold zone, indicating that there has been intense selling pressure. To identify a reversal point, SHIB must create a new support level. A critical psychological threshold, the $0.00001 level, can serve as a support level if buying interest increases.
However, it seems inevitable that the market will fall below this level without strong bullish momentum or encouraging catalysts. Due to the overall bearish trend of the cryptocurrency, market investor sentiment towards Shiba Inu has been largely negative.
As long as there are no obvious bullish catalysts, traders will probably remain scared. The asset was a risky bet for quick profits, but things have changed and SHIB does not offer the same reward for the risk that an investor takes.
Solana’s Fundamental Reversal
Solana has reached a crucial price level, reflected by the 200 EMA level at approximately $135. However, it is important to consider the broader context. The asset has gained some momentum over the past two days, but since May, SOL has been gradually losing value.
The chart shows that Solana managed to bounce off the 200-day EMA, a critical support level that often acts as a turning point for assets. The recent upward move in SOL price suggests that there could be a shift in market sentiment. Trading volume has also seen an uptick, indicating increased investor interest.
Yuri MolchanDespite the recent positive move, it is essential to recognize that Solana has been in a downtrend since May. The Relative Strength Index on the chart indicates that Solana was in oversold territory, which often precedes a price reversal. The bounce off the 200 EMA combined with the RSI movement suggests that there could be further upside potential. However, the overall market trend and external factors must be considered.
While the recent bounce is a positive sign, Solana needs to maintain its momentum and break through key resistance levels to confirm a trend reversal. The next significant resistance levels lie around the 50-day EMA and the 100-day EMA, which are currently above the price. If Solana can maintain its upward move and break above these levels, it could signal a more substantial recovery.
